Global Photoelectric Sensor Market Report 2023: Market Size, Top Segments And Key Trends

October 12, 2023

The Photoelectric Sensor Global Market Report 2023, provides comprehensive information on the photoelectric sensor market across 60+ geographies in the seven regions - Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa for the 27 major global industries. The report covers a ten year historic period – 2010-2021, and a ten year forecast period – 2023-2032.

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As per The Business Research Company’s Photoelectric Sensor Global Market Report 2023, the global photoelectric sensor market size grew from $1.76 billion in 2022 to $1.91 billion in 2023 at a compound annual growth rate (CAGR) of 8.1%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services, and affecting many markets across the globe. The market size of the photoelectric sensor market is expected to grow to $2.71 billion in 2027 at a CAGR of 9.2%.

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The emergence of smart photoelectric sensors is a key trend in the photoelectric sensor market. The smart photoelectric sensor contains built-in microprocessor-based intelligence that provides them with new capabilities to optimize their adjustments and make them more reliable. Smart photoelectric sensors are rapidly becoming the norm rather than the exception and deliver advanced self-diagnostics and the ability to interface with sensor networks. For example, conventional photoelectric sensors fail to operate under any problems like accumulated dust on the lenses, whereas a smart photoelectric sensor has a microprocessor chip that initiates an alarm signal to the controller and flash LED. Diagnostic alarms provide early warnings against the problem that occurred. Therefore, smart photoelectric sensors are more reliable and efficient and it is an emerging trend in the smart photoelectric market.

The photoelectric sensor market is segmented:

1) By Type: Proximity Photoelectric Sensor, Fiber Optic Photoelectric Sensor

2) By Technology: Retro-Reflective, Through-Beam, Diffused, Other Technologies

3) By Range: =100 mm, 100 to 1,000 mm, 1,000 to 10,000 mm, >10,000 mm

4) By Application: Consumer Electronics, Industrial Manufacturing, Automotive and Transportation, Building Automation, Food and Beverages, Pharmaceuticals and Medical, Packaging, Other Applications

Asia-Pacific was the largest region in the photoelectric sensor market in 2022.

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